Welcome officially to 2024! This week witnessed some interesting movements in the sector. The SPDR S&P ETF (XBI) saw a sideways movement, up by 0.55%, with a fund inflow of $27 million. The iShares Nasdaq ETF (IBB) and Direxion Daily S&P Bull ETF (LABU) both ended up 1%.

This Sunday marks the calm before the storm, as numerous companies are slated to present at the JP Morgan Healthcare Conference (JPM), starting tomorrow.

The market has had its share of ups and downs in the past year, grappling with challenges such as financial strain following the closure of the Silicon Valley Bank, market uncertainties stemming from interest rate hikes by the Federal Reserve, and a retreat from the COVID-19 investing frenzy. Companies are now gearing up for a cautiously optimistic outlook in 2024. The latter half of 2023 saw a noticeable increase in mergers and acquisitions, significant trial data releases, and monumental approvals of new gene therapies.

The upcoming JP Morgan Healthcare conference will serve as a pivotal platform for companies to present their visions for the year ahead, solidify goals, and announce strategic collaboration moves.

With the conference due to commence, we encourage our readers to harness different tools and resources to prepare for deal announcements and various catalysts. Among the many trades occurring this week, Longboard Pharmaceuticals reported topline data from the Phase 1/2 PACIFIC Study evaluating bexicaserin for seizures, causing the shares to close the week up a significant 316%. On the contrary, OPKO Health announced a private offering of Convertible Senior Notes and saw the stock down by 43% by end of this week.

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